Why would anyone exchange dvc coins for dvc tokens which can be minted at will? Unless Im wrong about that. This sounds like fractional reserve banning to me.
You are absoutely correct, except my fraction policy is the opposite of what you are thinking of, since my policy is to only issue tokens representing HALF of the coins I actually have, so that that half can in principle be locked away extremely hard to get at while I still have the other half with which to "redeem" the tokens.
Check my
Digitalis Open Transactions Server thread and you will see this is my original policy from way back when we were using the Open Transactions platform.
-MarkM-